ModivCare Inc - 10-K filing on 2017-03-10

Note 21 - Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2016

	Year ended December 31, 2016
	Human Services Segment			HA Services Segment			Total Discontinued Operations

Service revenue, net	$	-		$	166,090		$	166,090

Operating expenses:
Service expense		-			120,906			120,906
General and administrative expense		7,966			2,148			10,114
Depreciation and amortization		-			21,121			21,121
Total operating expenses		7,966			144,175			152,141
Operating income (loss)		(7,966	)		21,915			13,949

Other expenses:
Write-off of deferred financing fees		-			2,302			2,302
Interest expense, net		-			9,929			9,929
Income (loss) from discontinued operations before gain on disposition and income taxes		(7,966	)		9,684			1,718
Gain on disposition		-			167,895			167,895
(Provision) benefit for income taxes		2,401			(63,254	)		(60,853	)
Discontinued operations, net of tax	$	(5,565	)	$	114,325		$	108,760

	Year ended December 31, 2015
	Human Services Segment			HA Services Segment			Total Discontinued Operations

Service revenue, net	$	291,510		$	217,436		$	508,946

Operating expenses:
Service expense		264,293			163,211			427,504
General and administrative expense		14,975			2,630			17,605
Asset impairment charge		1,593			-			1,593
Depreciation and amortization		4,831			29,472			34,303
Total operating expenses		285,692			195,313			481,005
Operating income		5,818			22,123			27,941

Other expenses:
Interest expense, net		2,829			14,359			17,188
Income from discontinued operations beforegain on disposition and income taxes		2,989			7,764			10,753
Gain on disposition		123,129			-			123,129
Provision for income taxes		(24,318	)		(1,693	)		(26,011	)
Discontinued operations, net of tax	$	101,800		$	6,071		$	107,871

	Year ended December 31, 2014
	Human Services Segment			HA Services Segment			Total Discontinued Operations

Service revenue, net	$	344,960		$	43,331		$	388,291

Operating expenses:
Service expense		315,008			35,185			350,193
General and administrative expense		19,134			421			19,555
Asset impairment charge		6,915			-			6,915
Depreciation and amortization		6,655			5,619			12,274
Total operating expenses		347,712			41,225			388,937
Operating income (loss)		(2,752	)		2,106			(646	)

Other expenses:
Interest expense, net		1,478			2,899			4,377
Loss from discontinued operations		(4,230	)		(793	)		(5,023	)
Benefit for income taxes		588			199			787
Discontinued operations, net of tax	$	(3,642	)	$	(594	)	$	(4,236	)

	December 31,
	2015

Cash and cash equivalents	$	5,014
Accounts receivable, net of allowance of $1,208		21,117
Prepaid expenses and other		3,094
Deferred tax assets		2,986
Current assets of discontinued operations held for sale	$	32,211

Property and equipment, net	$	11,629
Goodwill		210,071
Intangible assets, net		216,387
Other assets		3,313
Non-current assets of discontinued operations held for sale	$	441,400


Current portion of long-term obligations
Accounts payable	$	1,988
Accrued expenses		13,116
Reinsurance liability reserve		745
Current liabilities of discontinued operations held for sale	$	15,849

Other long-term liabilities	$	2,197
Deferred tax liabilities		85,071
Non-current liabilities of discontinued operations held for sale	$	87,268

	For the year ended December 31, 2016
	Human Services Segment		HA Services Segment			Total Discontinued Operations

Cash flows from discontinued operating activities:
Depreciation	$	-	$	3,661		$	3,661
Amortization		-		17,460			17,460
Stock based compensation		-		(18	)		(18	)
Deferred income taxes		-		52,338			52,338

Cash flows from discontinued investing activities:
Purchase of property and equipment	$	-	$	9,174		$	9,174

	For the year ended December 31, 2015
	Human Services Segment			HA Services Segment		Total Discontinued Operations

Cash flows from discontinued operating activities:
Depreciation	$	2,376		$	3,370	$	5,746
Amortization		2,455			26,102		28,557
Asset impairment charge		1,593			-		1,593
Stock based compensation		7			108		115
Deferred income taxes		(5,680	)		730		(4,950	)

Cash flows from discontinued investing activities:
Purchase of property and equipment	$	2,224		$	8,079	$	10,303

	For the year ended December 31, 2014
	Human Services Segment			HA Services Segment		Total Discontinued Operations

Cash flows from discontinued operating activities:
Depreciation	$	3,202		$	608	$	3,810
Amortization		3,453			5,011		8,464
Asset impairment charge		6,915			-		6,915
Stock based compensation		6			-		6
Deferred income taxes		(155	)		683		528

Cash flows from discontinued investing activities:
Purchase of property and equipment	$	4,766		$	2,115	$	6,881